Exhibit 10.43


 


Note:
March 21, 2017


 


NEITHER
THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 


 


THIS
NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING
ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL SUM REPRESENTED BY THIS NOTE MAY BE LESS THAN
THE PRINCIPAL SUM AND ACCRUED INTEREST SET FORTH BELOW.


 


7%
FIXED CONVERTIBLE PROMISSORY NOTE 


 


OF


 


PROGREEN
US, INC.


 


Issuance
Date: March 21, 2017


Total
Face Value of Note: $105,000


 


This
Note is a duly authorized Fixed Convertible Promissory
Note of ProGreen US, Inc. a corporation duly organized and existing under the laws of the State of Delaware (the
“Company”), designated as the Company’s 7% Fixed Convertible Promissory Note due September 21, 2018 (“Maturity
Date”) in the principal amount of $105,000 (the “Note”).


 


For
Value Received, the Company hereby promises to
pay to the order of Tangiers Global, LLC or its registered assigns or successors-in-interest (the “Holder”)
the Principal Sum of $105,000 (the “Principal Sum”) and to pay “guaranteed” interest on the principal
balance hereof at an amount equivalent to 7% of the Principal Sum, to the extent such Principal Sum and “guaranteed”
interest and any other interest, fees, liquidated damages and/or items due to Holder herein have not been repaid or converted
into the Company’s Common Stock (the “Common Stock”), in accordance with the terms hereof. The sum of $100,000
shall be remitted and delivered to the Company, and $5,000 shall be retained by the Purchaser through an original issue discount
(the “OID”) for due diligence and legal bills related to this transaction. The OID is set at 5% of any consideration
paid.


 


In
addition to the “guaranteed” interest referenced above, and in the Event of Default pursuant to Section 2.00(a), additional
interest will accrue from the date of the Event of Default at the rate equal to the lower of 17% per annum or the highest rate
permitted by law (the “Default Rate”).


 






    	 	1	 



     


    

 


This
Note will become effective only upon the execution by both parties, including the execution of Exhibits B, C, D and E and the
Irrevocable Transfer Agent Instructions (the “Date of Execution”) and delivery of the initial payment of consideration
by the Holder (the “Effective Date”).


 


This
Note may be prepaid by the Company, in whole or in part, according to the following schedule:


 


	Days
    Since Effective Date	Prepayment
    Amount
	Under
    90	100%
    of Principal Amount
	91-120	115%
    of Principal Amount
	121-150	120%
    of Principal Amount
	151-180	125%
    of Principal Amount


 


After
180 days from the Effective Date this Note may not be prepaid without written consent from Holder, which consent may be withheld,
delayed or denied in Holder’s sole and absolute discretion. Whenever any amount expressed to be due by the terms of this
Note is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next succeeding day
which is a Business Day. If the Note is in default, per Section 2.00(a) below, the Company may not prepay the Note without written
consent of the Holder.


 


For
purposes hereof the following terms shall have the meanings ascribed to them below:


 


“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York
are authorized or required by law or executive order to remain closed.


 


“Conversion
Price” shall be equal to $.015.


 


“Principal
Amount” shall refer to the sum of (i) the original principal amount of this Note (including the original issue discount,
prorated if the Note has not been funded in full), (ii) all guaranteed and other accrued but unpaid interest hereunder, (iii)
any fees due hereunder, (iv) liquidated damages, and (v) any default payments owing under the Note, in each case previously paid
or added to the Principal Amount.


 


“Principal
Market” shall refer to the primary exchange on which the Company’s common stock is traded or quoted.


 


“Trading
Day” shall mean a day on which there is trading or quoting for any security on the Principal Market.


 






    	 	2	 



     


    

 


“Underlying
Shares” means the shares of common stock into which the Note is convertible (including interest, fees, liquidated
damages and/or principal payments in common stock as set forth herein) in accordance with the terms hereof.


 


The
following terms and conditions shall apply to this Note:


 


Section
1.00Conversion.


 


(a) Conversion
Right. Subject to the terms hereof and restrictions and limitations contained herein, at any time after 180 days from the
Effective Date of the Note, the Holder shall have the right, at the Holder’s sole option, at any time and from time to time to
convert in whole or in part the outstanding and unpaid Principal Amount under this Note into shares of Common Stock as per the
Conversion Formula. The date of any conversion notice (“Conversion Notice”) hereunder shall be referred to
herein as the “Conversion Date”.


 


(b) Stock
Certificates or DWAC. The Company will deliver to the Holder, or Holder’s authorized designee, no later than 2 Trading
Days after the Conversion Date, a certificate or certificates (which certificate(s) shall be free of restrictive legends and trading
restrictions if the shares of Common Stock underlying the portion of the Note being converted are eligible under a resale exemption
pursuant to Rule 144(b)(1)(ii) and Rule 144(d)(1)(ii) of the Securities Act of 1933, as amended) representing the number of shares
of Common Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates representing the
shares of Common Stock issuable upon conversion of this Note, provided the Company’s transfer agent is participating in DTC’s
FAST program, the Company shall instead use commercially reasonable efforts to cause its transfer agent to electronically transmit
such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such
designee’s) broker with DTC through its DWAC program (provided that the same time periods herein as for stock certificates
shall apply).


 


(c)
Charges and Expenses. Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall
be made without charge to the Holder for any issuance fee, transfer tax, legal opinion and related charges, postage/mailing charge
or any other expense with respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from
the issuance of the Common Stock to Holder, as well as any and all other fees and charges required by the Transfer Agent as a
condition to effectuate such issuance. Any such fees or charges, as noted in this Section that are paid by the Holder (whether
from the Company’s delays, outright refusal to pay, or otherwise), will be automatically added to the Principal Sum of the
Note and tack back to the Effective Date for purposes of Rule 144.


 


(d) Delivery
Timeline. If the Company fails to deliver to the Holder such certificate or certificates (or shares through the DWAC program)
pursuant to this Section (free of any restrictions on transfer or legends, if eligible) prior to 3 Trading Days after the Conversion
Date, the Company shall pay to the Holder as liquidated damages an amount equal to $2,000 per day, until such certificate or certificates
are delivered. The Company acknowledges that it would be extremely difficult or impracticable to determine the Holder’s
actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion herein of any such additional
amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs. Such liquidated
damages will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule
144.


 






    	 	3	 



     


    

 


(e) Reservation
of Underlying Securities. The Company covenants that it will at all times reserve and keep available for Holder, out of its
authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note, free from preemptive rights
or any other actual contingent purchase rights of persons other than the Holder, five times the number of shares of Common
Stock as shall be issuable (taking into account the adjustments under this Section 1.00, but without regard to any ownership limitations
contained herein) upon the conversion of this Note (consisting of the Principal Amount) under the formula in Section 2.00(c) below,
to Common Stock (the “Required Reserve”). The Company covenants that all shares of Common Stock that shall
be issuable will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable (if eligible).
If the amount of shares on reserve in Holder’s name at the Company’s transfer agent for this Note shall drop below
the Required Reserve, the Company will, within 2 Trading Days of notification from Holder, instruct the transfer agent to increase
the number of shares so that the Required Reserve is met. In the event that the Company does not instruct the transfer agent to
increase the number of shares so that the Required Reserve is met, the Holder will be allowed, if applicable, to provide this
instruction as per the terms of the Irrevocable Transfer Agent Instructions attached to this Note. The Company agrees that the
maintenance of the Required Reserve is a material term of this Note and any breach of this Section 1.00(e) will result in a default
of the Note.


 


(f) Conversion
Limitation. The Holder will not submit a conversion to the Company that would result in the Holder beneficially owning more
than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).


 


(g) Conversion
Delays. If the Company fails to deliver shares in accordance with the timeframe stated in Section 1.00(b), the Holder, at
any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable
to the unsold shares. The rescinded conversion amount will be returned to the Principal Sum with the rescinded conversion shares
returned to the Company, under the expectation that any returned conversion amounts will tack back to the Effective Date.


 


(h) Shorting
and Hedging. Holder may not engage in any “shorting” or “hedging” transaction(s) in the Common Stock
at any time from the date of issuance of this note until the date on which this Note is paid or converted in full.


 


(i) Conversion
Right Unconditional. If the Holder shall provide a Conversion Notice as provided herein, the Company’s obligations to deliver
Common Stock shall be absolute and unconditional, irrespective of any claim of setoff, counterclaim, recoupment, or alleged breach
by the Holder of any obligation to the Company.


 






    	 	4	 



     


    

 


Section
2.00Defaults and Remedies.


 


(a) Events
of Default. An “Event of Default” is: (i) a default in payment of any amount due hereunder which default
continues for more than 5 Trading Days after the due date; (ii) a default in the timely issuance of underlying shares upon and
in accordance with terms of Section 1.00, which default continues for 2 Trading Days after the Company has failed to issue shares
or deliver stock certificates within the 3rd Trading Day following the Conversion Date; (iii) if the Company does not issue the
press release or file the Current Report on Form 8-K or equivalent information in the Form 10-Q for quarter ending January 31,
2017, in each case in accordance with the provisions and the deadlines referenced Section 4.00(i); (iv) failure by the Company
for 5 days after notice from the Holder has been received by the Company to comply with any material provision of this Note; (v)
failure of the Company to remain compliant with DTC, thus incurring a “chilled” status with DTC; (vi) any default
of any mortgage, indenture or instrument in the amount of $100,000 or in excess thereof, which may be issued, or by which there
may be secured or evidenced any indebtedness, for money borrowed by the Company or for money borrowed the repayment of which is
guaranteed by the Company, whether such indebtedness or guarantee now exists or shall be created hereafter; (vii) if the Company
is subject to any Bankruptcy Event; (viii) any failure of the Company to satisfy its “filing” obligations relating
the filing of annual and quarterly reports under the Securities Exchange Act of 1934, as amended (the “1934 Act”)
and the rules and guidelines issued by OTC Markets News Service, OTCMarkets.com and their affiliates; (ix) failure of the Company
to remain in good standing with its state of domicile, which is not corrected within 20 days; (x) at any time after 180 days from
the Effective Date of the Note, any failure of the Company to provide the Holder with information related to its corporate share
structure including, but not limited to, the number of authorized and outstanding shares, public float, etc. within 3 Trading
Days of written request by Holder; (xi) failure by the Company to maintain the Required Reserve in accordance with the terms of
Section 1.00(e); (xii) failure of Company’s Common Stock to maintain a closing bid price in its Principal Market for more
than 3 consecutive Trading Days; (xiii) any delisting from a Principal Market for any reason; (xiv) failure by Company to pay
any of its Transfer Agent fees in excess of $4,000 or to maintain a Transfer Agent of record; (xv) failure by Company to notify
Holder of a change in Transfer Agent within 24 hours of such change; (xvi) any trading suspension imposed by the United States
Securities and Exchange Commission (the “SEC”) under Sections 12(j) or 12(k) of the 1934 Act; or (xvii) failure
by the Company to meet all requirements necessary to satisfy the availability of Rule 144 to the Holder or its assigns, including
but not limited to the timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements
for XBRL filings, and requirements for disclosure of financial statements on its website.


 


(b) Remedies.
If an Event of Default occurs, the outstanding Principal Amount of this Note owing in respect thereof through the date of acceleration,
shall become, at the Holder’s election, immediately due and payable in cash at the “Mandatory Default Amount”.
The Mandatory Default Amount means a 50% increase to the outstanding Principal Amount of this Note existing at the time of an
Event of Default and will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes
of Rule 144. Commencing 5 days after the occurrence of any Event of Default that results in the eventual acceleration of this
Note, this Note shall accrue additional interest, in addition to the Note’s “guaranteed” interest, at a rate
equal to the lesser of 17% per annum or the maximum rate permitted under applicable law. In connection with such acceleration
described herein, the Holder need not provide, and the Issuer hereby waives, any presentment, demand, protest or other notice
of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by the
Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the note until such time, if
any, as the Holder receives full payment pursuant to this Section 2.00(b). No such rescission or annulment shall affect any subsequent
event of default or impair any right consequent thereon. Nothing herein shall limit the Holder’s right to pursue any other remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with
respect to the Issuer’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Note
as required pursuant to the terms hereof.


 






    	 	5	 



     


    

 


(c) Conversion
Right. At any time and from time to time after a default occurs solely due to the fact the Note is not paid in full on or
before the Maturity Date (“Maturity Default”), and subject to the terms hereof and restrictions and limitations
contained herein, the Holder shall have the right, at the Holder’s sole option, to convert in whole or in part the outstanding
and unpaid Principal Amount under this Note into shares of Common Stock at the Conversion Price. The “Default
Conversion Price” shall be equal to the lower of: (a) the Conversion Price or (b) 65% of the average of the three
lowest trading prices of the Company’s common stock during the 15 consecutive Trading Days prior to the date on which Holder
elects to convert all or part of the Note. For the purpose of calculating the Default Conversion Price only, any time after 4:00
pm Eastern Time (the closing time of the Principal Market) shall be considered to be the beginning of the next Business Day. If
the Company is placed on “chilled” status with the DTC, the discount shall be increased by 10%, i.e.,
from 35% to 45%, until such chill is remedied. If the Company is not DWAC eligible through their Transfer Agent and DTC’s
FAST system, the discount will be increased by 5%, i.e., from 35% to 40%. In the case of both, the discount shall
be a cumulative increase of 15%, i.e., from 35% to 40%.


 


Section
3.00 Representations and Warranties of Holder.


 


Holder
hereby represents and warrants to the Company that:


 


(a)Holder
is an “accredited investor,” as such term is defined in Regulation D of the Securities Act of 1933, as amended (the
“1933 Act”), and will acquire this Note and the Underlying Shares (collectively, the “Securities”)
for its own account and not with a view to a sale or distribution thereof as that term is used in Section 2(a)(11) of the 1933
Act, in a manner which would require registration under the 1933 Act or any state securities laws. Holder has such knowledge and
experience in financial and business matters that such Holder is capable of evaluating the merits and risks of the Securities.
Holder can bear the economic risk of the Securities, has knowledge and experience in financial business matters and is capable
of bearing and managing the risk of investment in the Securities. Holder recognizes that the Securities have not been registered
under the 1933 Act, nor under the securities laws of any state and, therefore, cannot be resold unless the resale of the Securities
is registered under the 1933 Act or unless an exemption from registration is available. Holder has carefully considered and has,
to the extent Holder believes such discussion necessary, discussed with its professional, legal, tax and financial advisors, the
suitability of an investment in the Securities for its particular tax and financial situation and its advisers, if such advisors
were deemed necessary, and has determined that the Securities are a suitable investment for it. Holder has not been offered the
Securities by any form of general solicitation or advertising, including, but not limited to, advertisements, articles, notices
or other communications published in any newspaper, magazine, or other similar media or television or radio broadcast or any seminar
or meeting where, to Holders’ knowledge, those individuals that have attended have been invited by any such or similar means
of general solicitation or advertising. Holder has had an opportunity to ask questions of and receive satisfactory answers from
the Company, or any person or persons acting on behalf of the Company, concerning the terms and conditions of the Securities and
the Company, and all such questions have been answered to the full satisfaction of Holder. The Company has not supplied Holder
any information regarding the Securities or an investment in the Securities other than as contained in this Agreement, and Holder
is relying on its own investigation and evaluation of the Company and the Securities and not on any other information.


 






    	 	6	 



     


    

 


(b)The
Holder is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its
incorporation and has all requisite corporate power and authority to carry on its business as now conducted. The Holder is duly
qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a material
adverse effect on its business or properties.





 


(c)All
corporate action has been taken on the part of the Holder, its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Note. The Holder has taken all corporate action required to make all of the obligations of the
Holder reflected in the provisions of this Note, valid and enforceable obligations.


 


(d)Each
certificate or instrument representing Securities will be endorsed with the following legend (or a substantially similar legend),
unless or until registered under the 1933 Act or exempt from registration:


 


THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE TRANSFER IS MADE IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR
THE HOLDER OF THESE SECURITIES WHICH IS REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.


 


Section
4.00General.


 


(a)
 Payment of Expenses. The Company agrees to pay all reasonable charges and expenses,
including attorneys’ fees and expenses, which may be incurred by the Holder in successfully enforcing this Note and/or collecting
any amount due under this Note.


 


(b)
 Assignment, Etc. The Holder may assign or transfer this Note to any transferee
at its sole discretion. This Note shall be binding upon the Company and its successors and shall inure to the benefit of the Holder
and its successors and permitted assigns.


 


(c) Amendments.
This Note may not be modified or amended, or any of the provisions of this Note waived, except by written agreement of the Company
and the Holder.


 


(d) Funding
Window. The Company agrees that it will not enter into a convertible debt financing transaction with any party other than
the Holder for a period of 20 Trading Days following the Effective Date. The Company agrees that this is a material term of this
Note and any breach of this will result in a default of the Note.


 


(e) Terms
of Future Financings. Reserved.


 






    	 	7	 



     


    

 


(f) Governing
Law; Jurisdiction.


 


(i) Governing
Law. This Note shall be governed by, and construed and interpreted in accordance with, the substantive laws of the State of
California, without giving effect to any conflict of laws rule or principle that might require the application of the laws of
another jurisdiction.


 


(ii) Jurisdiction
and Venue. Any dispute, claim, suit, action or other legal proceeding arising out of or relating to this Note or the rights
and obligations of each of the parties shall be brought only in a competent court in San Diego, California or in the federal courts
of the United States of America located in San Diego County, California.


 


(iii) No
Jury Trial. The Company hereto knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect
to any litigation based on, or arising out of, under, or in connection with, this Note.


 


(iv) Delivery
of Process by the Holder to the Company. In the event of an action or proceeding by the Holder against the Company, and only
by the Holder against the Company, service of copies of summons and/or complaint and/or any other process that may be served in
any such action or proceeding has to be made by hand delivery of such process to its last known attorney as set forth in its most
recent SEC filing.


 


(v) Notices.
Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent
by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of
transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited with the courier
service for delivery.


 


(g) No
Bad Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act of 1933, as
amended, on the basis of being a “bad actor” as that term is established in the September 13, 2013 Small Entity Compliance
Guide published by the SEC.


 


(h) Usury.
If it shall be found that any interest or other amount deemed interest due hereunder violates any applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage
of any law that would prohibit or forgive the Company from paying all or a portion of the principal, fees, liquidated damages
or interest on this Note.


 






    	 	8	 



     


    

 


(i) Securities
Laws Disclosure; Publicity. The Company shall file a Current Report on Form 8-K or, with written confirmation from the Holder,
include equivalent information in the Form 10-Q for quarter ending January 31, 2017, filed within 4 business days of the Date
of Execution of this Note, including a copy of this Note as an exhibit thereto, with the SEC within the time required by the 1934
Act. From and after the filing of such report, the Company represents to the Holder that it shall have publicly disclosed all
material, non-public information delivered to the Holder by the Company, or any of its officers, directors, employees, or agents
in connection with the transactions contemplated by this Note. The Company and the Holder shall consult with each other in issuing
any other press releases with respect to the transactions contemplated hereby, and neither the Company nor the Holder shall issue
any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to
any press release of the Holder, or without the prior consent of the Holder, with respect to any press release of the Company,
none of which consents shall be unreasonably withheld, delayed, denied, or conditioned except if such disclosure is required by
law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Holder, or include the name of the Holder
in any filing with the SEC or any regulatory agency or Principal Market, without the prior written consent of the Holder, except
to the extent such disclosure is contemplated above by this Section 4.00 (j) with respect to 1934 Act filings, or is required
by law or Principal Market regulations, in which case the Company shall provide the Holder with prior notice of such disclosure
permitted hereunder.


 


The
Company agrees that this is a material term of this Note and any breach of this Section 4.00(i) will result in a default of the
Note.


 


(j) Attempted
Below-par Issuance. In the event that the Holder delivers a Conversion Notice to the Company and, if as of such date, (i)
the Conversion Price would be less than par value of the Company’s Common Stock and (ii) within three business days of the
delivery of the Conversion Notice, the Company shall not have reduced its par value such that all of the requested conversion
transaction may then be accomplished, then the Company and the Holder shall utilize the following conversion protocol for Par
Value Adjustment. The Holder shall transmit to the Company: (X) a “preliminary” Conversion Notice for the full number
of shares of Common Stock that would be issued at the Conversion Price without regard to any below-par value conversion issues;
followed by (Y) a “par value” Conversion Notice for the number of shares of Common Stock with the Conversion Price
increased from the “preliminary” Conversion Price to a Conversion Price at par value; and, finally, (Z) a “liquidated
damages” Conversion Notice for that number of shares of Common Stock that represents the difference between the “preliminary”
Conversion Notice full number of shares and the “par value” Conversion Notice limited number of shares. The Conversion
Price of such “liquidated damages Common Shares” would be the par value of the Common Stock. Accordingly, through
this protocol, the Company would issue, in two transactions, an amount of shares of its Common Stock equivalent to the full number
of shares of Common Stock that would have been issued in accordance with the “preliminary” Conversion Notice without
regard to any below-par value conversion issues. In the event that the Holder is precluded from exercising any or all of its conversion
rights hereunder as a result of a proposed “below par” conversion, the Company agrees that, in lieu of actual damages
for such failure, liquidated damages may be assessed and recovered by the Holder without being required to present any evidence
of the amount or character of actual damages sustained by reason thereof. The amount of such liquidated damages shall be an amount
equivalent to the trading price utilized in the “preliminary” Conversion Notice multiplied by the number of shares
calculated on the “liquidated damages” Conversion Notice. Such amount shall be assessed and become immediately due
and payable to the Holder (at its election) in the form of a (i) cash payment, (ii) an addition to the Principal Sum of this Note,
or (iii) the immediate issuance of that number of shares of Common Stock as calculated on the “liquidated damages”
Conversion Notice. Such liquidated damages are intended to represent estimated actual damages and are not intended to be a penalty,
but, by virtue of their genesis and subject to the election of the Holder (as set forth in the immediately preceding sentence),
will be automatically added to the Principal Sum of the Note and tack back to the Effective Date for purposes of Rule 144, as
the Company’s failure to maintain the par value of its Common Stock at an amount that would not result in a “below
par” conversion failure is equivalent to a default as of the Issuance Date of the Note.


 


[Signature
Page to Follow.]


 






    	 	9	 



     


    

 


IN
WITNESS WHEREOF, the Company has caused this Fixed Convertible Promissory Note to be duly executed on the day and in the year
first above written.


 


	 	PROGREEN
    US, INC.
	 	 	 
	 	By:	/s/
    Jan Telander
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Email:	 
	 	 	 
	 	Address:	 







 


This
Fixed Convertible Promissory Note of March 21, 2017 is accepted this 21st day of March      , 2017 by


 





TANGIERS
GLOBAL, LLC


 





	By:	/s/
Michal Sobech	 
	 	Name: Michal Sobech	 
	 	Title:
    Managing Member	 




 






    	 	10	 



     


    







 


EXHIBIT
A


 


FORM
OF CONVERSION NOTICE


 


(To
be executed by the Holder in order to convert all or part of that certain $105,000 Fixed Convertible Promissory Note identified
as the Note)


 


	DATE:	____________________________




 


	FROM:	Tangiers Global, LLC (the “Holder”)




 


		Re:	$105,000
                                         Fixed Convertible Promissory Note (this “Note”) originally issued by ProGreen
                                         US, Inc., a Delaware corporation, to Tangiers Global, LLC on March 21, 2017.



 


The
undersigned on behalf of Tangiers Global, LLC, hereby elects to convert $_______________________ of the aggregate
outstanding Principal Amount (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.0001 par value
per share, of ProGreen US, Inc. (the “Company”), according to the conditions hereof, as of the date written below.
If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes payable
with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance
therewith. No fee will be charged to the Holder for any conversion, except for such transfer taxes, if any. The undersigned represents
as of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion Notice, the undersigned
will not exceed the “Restricted Ownership Percentage” contained in this Note.


 





	Conversion
    information:	 
	 	Date
    to Effect Conversion
	 	 
	 	 
	 	Aggregate
    Principal Sum of Note Being Converted
	 	 
	 	 
	 	Aggregate
    Interest/ Fee of Principal Amount Being Converted
	 	 
	 	 
	 	Remaining
    Principal Balance
	 	 
	 	 
	 	Number
    of Shares of Common Stock to be Issued
	 	 
	 	 
	 	Applicable
    Conversion Price
	 	 
	 	 
	 	Signature
    
	 	 
	 	 
	 	Name
	 	 
	 	 
	 	Address




 






    	 	11	 



     


    

 


EXHIBIT
B


 


WRITTEN
CONSENT OF THE BOARD OF DIRECTORS OF


 


PROGREEN
US, INC.


 


The
undersigned, being directors of ProGreen US, Inc., a Delaware corporation (the “Company”), acting pursuant to the
Bylaws of the Corporation, do hereby consent to, approve and adopt the following preamble and resolutions:


 


Convertible
Note with Tangiers Global, LLC


 


The
board of directors of the Company has reviewed and authorized the following documents relating to the issuance of a Fixed Convertible
Promissory Note in the amount of $105,000 with Tangiers Global, LLC.


 


The
documents agreed to and dated March 21, 2017 are as follows:


 


7%
Fixed Convertible Promissory Note of ProGreen US, Inc.


Irrevocable
Transfer Agent Instructions


Notarized
Certificate of Corporate Secretary


Disbursement
Instructions


Company
Capitalization Table


 


The
board of directors further agree to authorize and approve the issuance of shares to the Holder at Conversion prices that are below
the Company’s then current par value.


 


IN
WITNESS WHEREOF, the undersign member(s) of the board of the Company executed this unanimous written consent as of March 21, 2017.


 


	 	 	 
	 	 	 
	By: 	 	 
	 	 	 
	Its: 	 	 




 






    	 	12	 



     


    

 


EXHIBIT
C


 


NOTARIZED
CERTIFICATE OF CORPORATE SECRETARY OF


 


PROGREEN
US, INC.


 


(Two
Pages)


 


The
undersigned, _______________________ is the duly elected Corporate Secretary of ProGreen US, Inc., a Delaware corporation
(the “Company”).


 


I
hereby warrant and represent that I have undertaken a complete and thorough review of the Company’s corporate and financial
books and records, including, but not limited to, the Company’s records relating to the following:


 


		(A)	The
                                         issuance of that certain Fixed Convertible Promissory Note dated March 21, 2017 (the
                                         “Note Issuance Date”) issued to Tangiers Global, LLC (the “Holder”)
                                         in the stated original principal amount of $105,000 (the “Note”);
	 	 	 
		(B)	The
                                         Company’s Board of Directors duly approved the issuance of the Note to the Holder;



 


		(C)	The
                                         Company has not received and does not contemplate receiving any new consideration from
                                         any persons in connection with any later conversion of the Note and the issuance of the
                                         Company’s Common Stock upon any said conversion;



 


		(D)	To
                                         my best knowledge and after completing the aforementioned review of the Company’s
                                         stockholder and corporate records, I am able to certify that the Holder (and the persons
                                         affiliated with the Holder) are not officers, directors, or directly or indirectly, ten
                                         percent (10.00%) or more stockholders of the Company and none of said persons has had
                                         any such status in the one hundred (100) days immediately preceding the date of this
                                         Certificate;



 


		(E)	The
                                         Company’s Board of Directors have approved duly adopted resolutions approving the
                                         Irrevocable Instructions to the Company’s Stock Transfer Agent dated March 21,
                                         2017;



 


		(F)	Mark
                                         the appropriate selection:



 


___
The Company represents that it is not a “shell company,” as that term is defined in Section 12b-2 of the Securities
Exchange Act of 1934, as amended, and has never been a shell company, as so defined; or


 


___
The Company represents that (i) it was a “shell company,” as that term is defined in Section 12b-2 of the Securities
Exchange Act of 1934, as amended, (ii) since ______, 201__, it has no longer been a shell company, as so defined, and (iii) on
_______, 201__, it provided Form 10-type information in a filing with the Securities and Exchange Commission.


 


		(G)	I
                                         understand the constraints imposed under Rule 144 on those persons who are or may be
                                         deemed to be “affiliates,” as that term is defined in Rule 144(a)(1) of the
                                         Securities Act of 1933, as amended.



 


		(H)	I
                                         understand that all of the representations set forth in this Certificate will be relied
                                         upon by counsel to Tangiers Global, LLC in connection with the preparation of a legal
                                         opinion.



 


I
hereby affix my signature to this Notarized Certificate and hereby confirm the accuracy of the statements made herein.


 





	Signed:		 	Date:	 
	 	 	 	 	 
	Name:	 	 	Title:	 




 


SUBSCRIBED
AND SWORN TO BEFORE ME ON THIS ________ DAY OF ____________________ 2017.


 





	 	Commission
    Expires: __________________
	____________________________________________	 
	Notary
    Public	 







 


 


13